Why I Decided To Turn My Home Into a Rental Property
The decision to turn my home into a rental property was one that happened years ago, during the housing crisis of 2008.
Doing so was a no-brainer for me because in the California market I was in, house values plummeted a whopping 50%, which was among the biggest decline in the nation. The decision to hold onto the home, which I made reluctantly, turned out for the best, as it was the catalyst for my investment business.
I became what's known as an "accidental landlord," meaning I didn't plan to ever be one, and I knew nothing about the business. As such, I made just about every mistake possible. But as soon as home prices started to rise again, I sold the home. I then added my savings to the sale proceeds and bought my first intentional rental property in a place more favorable to real estate investing: Atlanta, Georgia. (Houses are more affordable here. The typical home value in Los Angeles is $913,754 compared with Atlanta's typical home value of $349,162, according to Zillow.)
Source Fool.com
